TMI BlogTHE FIRST SCHEDULE (See section 2)X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 12,500 plus 20 per cent. of the amount by which the total income exceeds ₹ 5,00,000; ( 4 ) where the total income exceeds ₹ 10,00,000 ₹ 1,12,500 plus 30 per cent. of the amount by which the total income exceeds ₹ 10,00,000. ( II ) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,- Rates of income-tax ( 1 ) where the total income does not exceed ₹ 3,00,000 Nil; (2 ) where the total income exceeds ₹ 3,00,000 but does not exceed ₹ 5,00,000 5 per cent. of the amount by which the total income exceeds ₹ 3,00,000; ( 3 ) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 ₹ 10,000 plus 20 per cent. of the amount by which the total income exceeds ₹ 5,00,000; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph B In the case of every co-operative society,- Rates of income-tax ( 1 ) where the total income does not exceed ₹ 10,000 10 per cent. of the total income; ( 2 ) where the total income exceeds ₹ 10,000 but does not exceed ₹ 20,000 ₹ 1,000 plus 20 per cent. of the amount by which the total income exceeds ₹ 10,000; ( 3 ) where the total income exceeds ₹ 20,000 ₹ 3,000 plus 30 per cent. of the amount by which the total income exceeds ₹ 20,000 Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph E In the case of a company,- Rates of income-tax I. In the case of a domestic company,- ( i ) where its total turnover or the gross receipt in the previous year 2016-2017 does not exceed two hundred and fifty crore rupees; 25 per cent. of the total income; ( ii ) other than that referred to in item ( i ) 30 per cent. of the total income. II. In the case of a company other than a domestic company,- ( i ) on so much of the total income as consists of,- ( a ) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or ( b ) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates: Rate of income-tax 1. In the case of a person other than a company- ( a ) where the person is resident in India- ( i ) on income by way of interest other than Interest on securities 10 per cent.; ( ii ) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent.; ( iii ) on income by way of winnings from horse races 30 per cent.; ( iv ) on income by way of insurance commission 5 per cent.; ( v ) on income by way of interest payable on- 10 per cent.; ( A ) any debentures or securities for money issued by or on behalf of any local authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iso to sub-section ( 1A ) of section115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section ( 1A ) of section115A of the Income-tax Act, to a person resident in India 10 per cent.; ( H ) on income by way of royalty [not being royalty of the nature referred to in sub-item ( b )( i )( G )] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy 10 per cent.; ( I ) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy 10 per cent.; ( E ) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent.; ( F ) on income by way of winnings from horse races 30 per cent.; ( G ) on income by way of short-term capital gains referred to in section 111A 15 per cent.; ( H ) on income by way of long-term capital gains referred to in sub-clause ( iii ) of clause ( c ) of sub-section ( 1 ) of section 112 10 per cent.; ( I ) on income by way of long-term capital gains referred to in section 112A exceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r software referred to in the second proviso to sub-section ( 1A ) of section 115A of the Income-tax Act, to a person resident in India 10 per cent.; ( v ) on income by way of royalty [not being royalty of the nature referred to in sub-item ( b )( iv )] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy- ( A ) where the agreement is made after the 31st day of March, 1961 but before the 1st day of April, 1976 50 per cent.; ( B ) where the agreement is made after the 31st day of March, 1976 10 per cent.; ( vi ) on income by way of fees for technical services payable by the Government or an Indian concern in pursuan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees; II. at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed two crore rupees; III. at the rate of twenty-five per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds two crore rupees but does not exceed five crore rupees; and IV. at the rate of thirty-seven per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds five crore rupees; (b) in the case of every co-operative society or firm, being a non-resident, calculated at the rate of twelve per cent., where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; ( ii ) Item 2 of this Part shall be increased by a surcharge, for the purposes of the Un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause ( vii ) of clause ( 31 ) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,- Rates of income-tax ( 1 ) where the total income does not exceed ₹ 2,50,000 Nil ; ( 2 ) where the total income exceeds ₹ 2,50,000 but does not exceed ₹ 5,00,000 5 per cent. of the amount by which the total income exceeds ₹ 2,50,000; ( 3 ) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 ₹ 12,500 plus 20 per cent. of the amount by which the total income exceeds ₹ 5,00,000; ( 4 ) where the total income exceeds ₹ 10,00,000 ₹ 1,12,500 plus 30 per cent. of the amount by which the total income exceeds ₹ 10,00,000. ( II ) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( b ) having a total income exceeding one crore rupees but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; ( c ) having a total income exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of such income-tax; and ( d ) having a total income exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax: Provided that in the case of persons mentioned above having total income exceeding,- ( a ) fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; ( b ) one crore rupees but does not exceed two crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; ( c ) two crore rupees but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come 30 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of every firm mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph D In the case of every local authority,- Rate of income-tax On the whole of the total income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall be increased by a surcharge for the purposes of the Union, calculated, ( i ) in the case of every domestic company, ( a ) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. of such income-tax; and ( b ) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax; ( ii ) in the case of every company other than a domestic company, ( a ) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income-tax; and ( b ) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax: Provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns 23 to 27 of that Act shall, so far as may be, apply accordingly. Rule 4.-Notwithstanding anything contained in any other provisions of these rules, in a case- ( a ) where the assessee derives income from sale of tea grown and manufactured by him in India, such income shall be computed in accordance with rule 8 of the Income-tax Rules, 1962, and sixty per cent. of such income shall be regarded as the agricultural income of the assessee; ( b ) where the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed by him from rubber plants grown by him in India, such income shall be computed in accordance with rule 7A of the Income-tax Rules, 1962, and sixty-five per cent. of such income shall be regarded as the agricultural income of the assessee; ( c ) where the assessee derives income from sale of coffee grown and manufactured by him in India, such income shall be computed in accordance with rule 7B of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is Act,- ( i ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018, ( ii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018, ( iii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, to the extent, if any, such loss has not been set off against the agricultural income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018 or the 1st day of April, 2019, is a loss, then, for the purposes of subsection ( 10 ) of section 2 of this Act, ( i ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018 or the 1st day of April, 2019, ( ii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( 3 ) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in sub-rule ( 1 ) or sub-rule ( 2 ) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule ( 1 ) or, as the case may be, sub-rule ( 2 ). ( 4 ) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules contained in the First Schedule to the Finance Act, 2011 (8 of 2011) or the First Schedule to the Finance Act, 2012 (23 of 2012) or the First Schedule to the Finance Act, 2013 (17 of 2013) or the First Schedule to the Finance (No. 2) Act, 2014 (25 of 2014) or the First Schedule to the Finance Act, 2015 (20 of 2015) or the First Schedule to the Finance Act, 2016 (28 of 2016) or the First Schedule to the Finance Act, 2017 (7 of 2017) or the First Schedule to the Finance Act, 2018 (13 of 2018) shall be set off under sub-rule ( 1 ) or, as the case may be, sub-rule ( 2 ). Rule 9.-Where the net result of the computation made in accordance with thes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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